Mboweni delivered a tough budget speech on Wednesday, signalling an end to no-strings-attached bailouts for state-owned enterprises (SOEs), the beginnings of a plan to set Eskom back on track and initial plans to control and constrain the public-sector wage bill.

It's unclear whether rating agencies will be satisfied with the action government is taking but Mboweni believes there's a lot to be optimistic about.

“If we are doing practical things to fix Eskom, in my view that should be viewed as positive. If we are doing something about the wage bill, that should be seen as positive. If we are saying inflation rate must remain within the inflation target range, then that is positive. So, there are many positives that the rating agencies should take into account.”